The Economy and the Reset Button

A couple weeks ago, I was having some computer network problems and had to call my tech guy. While he was here we were talking about the economy, gas prices, etc. He mentioned a term that stuck with me – reset button. His point was that, during the Great Recession, he “reset” his life.

I took his comment as loyalties were reset to zero. He re-evaluated what things were important to him and consequently, what he was willing to spend money on. We came to the conclusion that a lot of people probably did the same.

I’ve been thinking about this reset button concept since then. It’s so true. Mr. Bartender and I did some resetting during the Great Recession as well. But I believe it goes beyond individuals and their home life.

Consumers have reset what they spend money on. They have reassessed the term “value”. Companies are having to respond to customers with reset expectations. They’re finding that they have to win customer loyalty all over again.

As such, companies are resetting for customers. The strategies that worked 5 years ago might not work today. Organizations are trying to figure out the profile of their new customer.

Employees have reset their wants and needs too. They are making decisions about the kind of organization they want to work for, identifying negotiable and non-negotiable benefits, and how much time they will devote to work. What value is their work relationship bringing to them professionally and personally?

And companies are also having to reset for employees. Organizations are establishing a new employer-employee arrangement. And I think it looks different than before the Great Recession.

So I’m curious, have you seen this reset too? Is it just a temporary phase we’re going through and we expect to fall back to our old ways and former allegiances? Or is this a sign of real change? Share your thoughts in the comments.

Image courtesy of RobCampbell

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